"American consumers are the bedrock of our economy, driving more than two-thirds of the overall rise in real GDP over 13 consecutive quarters of economic recovery since the middle of 2009," the report said. "And as we approach the holiday season, which accounts for close to one-fifth of industry sales, retailers can't afford the threat of tax increases on middle-class families."

"Now we face a deadline that requires action on jobs, taxes and deficits by the end of the year," according to the White House report. "If Congress fails to act, every American family's taxes will automatically go up - including the 98 percent of Americans who make less than $250,000 a year and the 97 percent of small."

Household purchases account for around 70 percent of U.S. gross domestic
product. If the Bush-era tax cuts expire, the average middle-class family could
see taxes rise by $2,200 next year, the document said.
The retail industry, which employs 14.8 million Americans, has contributed to about 9 percent of all new jobs since the recession ended in June 2009.